Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, has agreed to boost oil production by 137,000 barrels per day (bpd) starting in October, according to a statement released on the OPEC website following a virtual meeting.
The decision, involving key members such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, reflects confidence in stable global economic conditions and strong market fundamentals.
“The participating countries opted for a production increase of 137,000 bpd, drawn from the 1.65 million bpd voluntary adjustments announced in April 2023,” OPEC stated, highlighting low oil inventories as evidence of healthy demand.
Initially introduced in April 2023, the voluntary cuts of 1.65 million bpd have been extended through 2026.
OPEC+ noted that these reductions could be partially or fully reversed based on market developments, with adjustments to be made gradually.
The group is set to reconvene on October 5 to evaluate further steps.
